Mr. James Anderson reports

GUANAJUATO SILVER PROVIDES Q3 2026 PRODUCTION RESULTS

Guanajuato Silver Company Ltd. has released production results for the three months ended Sept. 30, 2026. Production results are from the company's wholly owned Bolanitos mine, El Cubo mines complex, San Ignacio mine and Valenciana mines complex (VMC), located in Guanajuato, Mexico, and the Topia mine located in Durango, Mexico.

James Anderson, chief executive officer and chairman, said: "This year, the company has made substantial capital expenditures primarily focused on increasing underground development at all of the company's operations. Notably, since April of this year, over 3,500 metres of underground capital development has been completed at our Bolanitos mine, surpassing the full year total for 2025. This critical work is beginning to have a positive impact on production as we finish out the calendar year and head into 2027. We remain committed to outpacing the current mine plan regarding our capital development, in order to provide additional operational flexibility, at which point the overall monthly advance rates will drop to a sustainable long-term level."

Silver equivalents (AgEq) disclosed in this news release are calculated using 68.04:1 (Ag/Au) (silver/gold), 0.0135:1 (Ag/Pb) (silver/lead) and 0.0277:1 (Ag/Zn) (silver/zinc) ratio for Q3 2026; and 61.61:1 (Ag/Au), 0.0122:1 (Ag/Pb) and 0.0216:1 (Ag/Zn) ratio for Q2 2026, respectively. Note: certain amounts shown in this table may not add exactly to total amounts due to rounding differences.

Consolidated production totalled 683,675 AgEq ounces, representing a 13.7-per-cent increase over the previous quarter result of 601,249 AgEq ounces, and a 49.4-per-cent increase over Q3 2025 production of 457,525 AgEq ounces. Q3 2026 production consisted of 392,138 ounces of silver, 3,771 ounces of gold, 716,561 pounds of lead and 908,759 pounds of zinc. Milled tonnage across all operations was 131,774 tonnes during the quarter, up 14.6 per cent versus Q2 2026, with significant increases at Bolanitos, El Cubo and San Ignacio; these increases more than offset a modest decrease at Topia and the pause of mining at VMC. Metallurgical recoveries remained consistent over the quarter; consolidated recovery of silver in Q3 was 87 per cent versus 88 per cent in Q2; consolidated recovery of gold was 85 per cent in Q3 versus 86 per cent in Q2.

At Bolanitos, Q3 production totalled 255,146 AgEq ounces, representing an improvement of 38.4 per cent over the previous quarter result of 184,398 AgEq. This encouraging result reflects the expanding availability and access to multiple mining faces due to increased underground development. In the second quarter of this year, the project's capital development program exceeded plan for the first time in over 24 months. In 2025, underground development averaged 40 per cent under plan; this lack of development dramatically curtailed Bolanitos production capabilities in advance of Guanajuato Silver's purchase of Bolanitos in January of this year.

At San Ignacio, Q3 production totalled 50,852 AgEq ounces, representing an increase of 22.3 per cent over the previous quarter result of 41,592 AgEq ounces. During the most recent quarter, production from the San Ignacio mine was processed exclusively at the Bolanitos mill; San Ignacio is currently being fully integrated into the Bolanitos mines complex. 2026 capital development rates at San Ignacio have now surpassed 2025's full year total.

At El Cubo, Q3 production totalled 154,320 AgEq ounces, representing an improvement of 20.9 per cent over the previous quarter result of 127,594 AgEq ounces. Like Bolanitos, a well-financed underground capital development program during 2026 has already surpassed the full year 2025 capital development program total; nearly tripling 2025 totals.

At Topia, Q3 production totalled 200,697 AgEq ounces, representing a nominal 1.1-per-cent decrease from the previous quarter result of 203,019 AgEq ounces.

At VMC, Q3 production totalled 22,660 AgEq ounces, representing a 49.2-per-cent decrease from the previous quarter result of 44,646 AgEq ounces. In August, 2026, the company made the decision to pause extraction activities and shift the focus from mining to exploration (see GSilver news release dated Aug. 26, 2026).

Qualified person

William Gehlen, a director of Guanajuato Silver, is a certified professional geologist with the American Institute of Professional Geologists (No. 10626), and a qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

Mr. Gehlen has reviewed, approved and verified the technical data disclosed in this news release, and has not detected any significant QA/QC issues during review of the data. The verification of data underlying the disclosed information includes reviewing production reports and grade calculation formulas.

About Guanajuato Silver Company Ltd.

Guanajuato Silver is a precious metals producer with a portfolio of producing silver and gold mines in central Mexico. The company has a core operational footprint of three operating silver-gold assets in the state of Guanajuato, which has an established 480-year mining history. Additionally, the company produces silver, gold, lead and zinc concentrates from the Topia mine in northwestern Durango.

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